THE ALLEGHANY TIMES
SUBSCRIPTION RATES
$1.00 Per Year
Published Every Thursday
Entered as second-class mat
ter at the Post Office at
Sparta, N. C.
ERWIN D. STEPHENS,..Editor
THURSDAY, AUGUST 17, 1933
E D I TOR I A L
Sa far as this writer has been able
to observe there has never been a
better organization for the develop
ment and training of boys than that
of the Boy Scouts. Of course we are
speaking of organizations other than
the public schools and churches.
There are many purely boys’ organi
zations, but scouting seems to bring
out the best nature of every boy who
becomes a member. "We hope that
such an organization will be perfect
ed in Sparta and in other parts of
the county. Train up the boys to be
wide-awake and alert citizens and
the future will take care of itself.
Many of the outstanding young men
in the nation today were Boy Scouts
when they were younger.
The Music Festival at Whitetop
was very interesting and worth
while. Someone has said that the
literature on any country comes from
the hearts of the people. Trvfty^the
old folk songs and folk tunes that
have come down to us from the past
should not be allowed to perish. They
have an appeal that cannot be found
in much of our modem ragtime and
jazz music. Here’s hoping that the
contagion of the Whitetop Festival
will spread through all our moun
tain country and be a means of keep
ing alive one of the finest, heritages
of the past.
Sparta should have a public water
system of some sort. Not5" only would
such a system be of great conven
ience to those who do not have pri
vate water systems, but it would
greatly reduce the fire hazard and
thus reduce the rate of fire insurance
premiums. At the present rate of
$2.34 on the $100 valuation, the fire
insurance premiums on the property
within the corporate limits would in
a few years make a substantial pay
ment on a public water system. With
out a good water system and fire
protection we cannot hope to attract
industry to locate in our town. If we
expect to get any major industry to
come within our borders, we must
offer them more than pure mountain
air. That’s free, anyway.
It is to be hoped that citizens of
the county will freely cooperate with
officials in making the Fair a success.
An agricultural fair can be of great
value to a community or county. It
furnishes a means of friendly rivalry
and competition. It gives people a
chance to exhibit fine specimens of
crops and farm animals and to see
what farmers in other sections of
the County are doing. Aside from
other values, the value of the social
side of the Fair will justify the
County in having it.
A number of merchants have ex
pressed themselves as being well
pleased with the new opening and
seems that the public has not been
closing hours for the stores. Also it
greatly handicapped by the new
hours and is willing to cooperate with
the merchants to adopt a uniform
system. It is a significant fact when
business men of a small town can
get together and work together sys
tematically. It means that that
town has ceased to be a country cross
roads. No town or city ever achiev
ed much growth or business until
the business men banded together to
work for the common good of the
place.
We know how sensitive people are
about having their names in the pa
per incorrectly spelled. Therefore, we
urgently request that all persons con
tributing items, cards of thanks, obi
tuaries, etc., be very careful in spell
ing proper names CORRECTLY and
LEGIBLY. Sometimes we have dif
ficulty in knowing whether a name is
“Herbert,” “Hubert,” “Hobart,” “He
bart,” “Hobert,” or “Halbert.”
LITTLE AMERICA
On his journey over life’s uncharted
sea, Little America faces perils as
dangerous as those encountered by
Admiral Byrd. His future depends on
the intellectual capacity, the dili
gence, and the open-mindedness of
his parents or guardians, but most of
all on one leader, his mother. The
interval of child growth is extraordi
narily long as compared with that of
other young mammals. This long
period of childhood is of profourfd
importance to the well-being of the
young voyager if he is to attain the
goal of optimal adulthood for which
he is setting sail. The mother who
develops a system of intelligent food
administration to the youth in her
charge must be guided, like Admiral
Byrd, by careful study, conservative
planning, and the dictates of modera
tion, comments Dr. Olive B. Cfiordua
in the May Hygeia.
A Peril Confronts Us
Big headlines announce $11,000,000
to be spent for roads in North Caro
lina. This wil give jobs to 10,000
workmen. Highways and jobs are not
to be despised. But the people of
this State must not forget the other
side of the picture. Our teachers’ sal
aries have been cut below a decent
level and they are being left without
jobs by the hundreds. No appropria
tion was made for the summer school
at Chapel Hill and the attendance
this summer has dropped one-third.
More than this, the teachers in this
summer school have no assurance of
getting anything like a decent salary.
This is a symptom of what is going
on over the State and an index to a
still more serious situation in a few
years unless the people of the State
awake to the peril that confronts us.
The best life of a people comes not
with good roads and automobiles.
These may prove a snare. The pro
ceses of education are so slow, quiet
and unobtrusive that they fail to
make appeal to the senses. The work
of a steam shovel commands atten
tion; the processes within a school
house pass unnoticed. Men and wo
men who have spent years and hun
dreds of dollars in preparation for
the work of education are forced to
work for less than the ordinary offi
cial on a highway. It is easy to fore
cast what will happen to our schools
in a few years under the present re
gime. Every lover of the best things
in our life, having at heart the future
of our boys and girls, should do all
possible to remedy this situation.
On street corners and by the road
side so many have spent the time in
knocking our schools that many have
been misled as to the actual situation
that confronts us.
Again and again have we asserted
that no other class among us can
boast a finer personnel than the
school men and women of this State.
They are not perfect, but they have
been doing a good job and deserve
better things than what is coming to
them at this time. These school folks,
however, are not the worst sufferers.
Our schools are in peril and our boys
and girls are to be the permanent
sufferers. Have we become so sure
that life consists in the material and
are we so given over to food and
drink that our true sense of values
is no more? Drinking and gambling
and lax living are given the sanction
of law. Good highways, fast cars
and plenty of undertakers to bury the
dead are at a premium. We still in
sist that teachers and preachers and
devoted fathers and mothers count
for more than these.—N. C. Chris
tian Advocate.
N. C. FAIR TAX BODY
TO FIGHT SALES TAX
The North Carolina Fair Tax Asso
ciation, a non-stock, non-profit, non
partisan, but not a non-poolitical or
ganization, has been organized and
chartered for the avowed purpose of
fighting the general sales tax impos
ed by the 1933 General Assembly and
possibly seeking its repeal by a spe
cial session of the General Assembly
before the next regular session in
1935.
D. E. Turner, Mooresville is pre
sident of the new organization and
J. Paul Leonard, for 10 years secre
tary of the N. C. Merchants Associa
tion, is executive director. The incor
porators are James B. Womble, Win
ston-Salem; H. G. Strader, Reidsville,
and W. R. Spainhour.
“Those who feel that the sales tax
is gaining in favor are very much
mistaken,” said Mr. Leonard, saying
that while the recent regulations sim
plify the tax, the people generally are
opposed to it. "Neither the merchant
nor their customers are becoming re
conciled to the tax,” he said. The or
ganization will strive to build up sen
timent aaginst the sales tax and may
seek such a demonstration against
itth at Governor Ehringhaus, the only
man who can do so, will call a spe
cial session of the General Assembly
to repeal it. The fact that many mer
chants “booed” and “hissed” his name
at the State Convention in Winston
Salem and, further, that some added
to the tax schedule cards displayed
in their stores “by order of Governor
J. C. B. Ehringhaus” does not seem
to cause them any worry in seeking
to get him to call the session.—Har
nett County News.
Garden Club Luncheon
Mrs. E. F. McNeer entertained her
Garden Qlub at a luncheon at Four
Oaks Tavern last Friday. The follow
ing ladies were present: Mesdames
E. G. Click, H. C. Salmons, W. W.
Whitaker, Worth Graham, H. P. Gra
ham, W. R. Welborn, Mason Lillard,
J. F. Hendren, Henry Beckon, J. S.
Atkinson, R. B. Harrell, of Elkin, and
Mrs. T. J. Carson and Mrs. C. W.
Higgins.
Card Of Thanks
We wish to extend our heartfelt
thanks to our many friends and
neighbors for the kindness shown us
during the illness and death of our
only daughter and sister, Mrs. Iona
Cooper Lowe. We are also grateful
for the many flowers distributed at
the funeral. May God bless each of
you. Mr. and rs. Y. I. Cooper.
Herbert Neal Cooper.
Layrie Cooper.
How All the People Played a Part
In Building Nation ’s Credit Structure
Banker Describes the Way Loans and Securities of Banks
Are Based on the Hopes and Plans of All
Classes—Values Dependent on Public’s
Ability to Meet Obligations
By FRANCIS H. SISSON,
President American Bankers Association in The Forum
CREDIT may be informally described
aa future hopes, plans and good In
tentions converted into present pur
cnasing power, me
farmer, the manu
facturer, the mer
chant, the home
buyer, the pur
chaser of household
goods, the Investor
and the speculator
all borrow at times.
They plan to repay
with the earnings
of their crops, pro
ceeds of the sales of
their goods, in
p ^ SISSON comes from their
wages and salaries
or profits from the resales of their
securities at enhanced market values,
each as the case may be.
The greater part of these various
forms of credit is obtained by the bor
rowers directly or indirectly through
the expansion of the loans and invest
ments of the banks. It is this which
creates the notes, securities and mort
gages in the portfolios of the banks.
The banks are able to extend these
loans because a great many people de
posit money with them.
Even under the best conditions the
plans of a small percentage of borrow
ers go wrong through mistakes, hard
luck or dishonesty, and the judgment
of the banker in such cases is proved
by the after event to have been at fault.
The losses caused under such condi
tions are ordinarily fully met by funds
set aside out of the earnings of the
banks for just this purpose and do not
affect the money of the depositors, who
seldom hear anything about such
losses.
In the vast majority of cases and in
the overwhelming volume of business
involved the confidence of the bankers
in their customers and the confidence
of the customers in their own ability
to carry out their plans and obligations
to successful conclusions are wholly
justified. This is the normal economic
situation and it constitutes the condi
tions under which the use of credit
adds to public welfare and progress.
The Faith of the Banks
Such was the structure of hopes, good
Intentions and common confidence in
one another that existed among all
classes of the nation’s community life
when the series of economic shocks
began to shake the nation’s social fab
ric in 1929. The people had deposited
billions of dollars with the banks be
cause they had confidence in them. The
banks had loaned large volumes of
these deposits on farm and home mort
gages and on notes of manufacturers,
business men and finance concerns, and
had invested in the standard securi
ties of the nation’s corporations, state
and local governmental units and the
national government itself, because
they had confidence in the citizenship
and business condition of the nation.
Their mortgage and other loans to
owners of farms aggregated $6,500,000,
000. Loans on urban real estate were
$4,000,000,000. Loans to' individuals se
cured by U. S. Government, municipal
and corporate securities totalled $11,
000,000,000. Loans to industrial and
commercial enterprises in connection
with the production and distribution of
the nation’s infinite varieties of goods
amounted to almost $19,500,000,000.
Investments In Federal, State and mu
nicipal bonds were almost $6,000,000,
000, and in various kinds of railroad
and corporate securities $11,000,000,000.
These made total loans and invest
ments of $58,000,000,000.
This great credit structure was built
while the country was at peace, while
the farms and factories were produc
tive, while the nation and the world
provided great active markets for their
outputs, while the earnings of all kinds
of enterprise were large, while the
working people of the nation were
fully employed, while wages and sal
aries were steady and generous, while
prices of commodities were strong and
while the minds of the people were
dominated by faith in the future and
confidence in one another.
Great Changes Came to the Nation
Then suddenly, almost as if the sun
itself had lost part of its vitality,
everything changed. Foreign markets
failed and disappeared. Industry slack
ened. A rapid drop in all kinds of com
modity values set in. The earnings of
business fell. Unemployment devel
oped. Wages and salaries went down.
Domestic markets shrank. Fear be
came general. The securities markets
became panic-riddei as the prices of
stocks and bonds withered to fractions
of their former values. It was the
greatest disintegration, of human
plans, economic conditions and worldly
values that history had ever witnessed. !
These destructive changes cut right !
through the qualities and values of the '
loans and investments, the notes and |
securities in the banks. Business men
and manufacturers could not repay
their notes to the banks as due. Many
governmental units and corporations
defaulted the payments on their bonds.
Property underlying real estate mort
gages became worth less than the face
of the mortgages. The market values
of standard securities became less
than the banks had paid for them as in
vestments or accepted them at as col
lateral for customers’ loans.
This meant, in fine, that the ability
of borrowers to carry out the future
hopes, plans and good intentions that
I have defined above as the basis of
credit, had become impaired to a far
greater extent than had ever before oc- j
curred in the nation’s history. The re- \
suiting losses could not be absorbed by
the banks alone out of the normally
ample funds that had been set aside
against the expectancy of a certain in
evitable percentage of human plans
gone wrong.
Banks Showed All Reasonable Care i
It was in loans and investments, i
whose values thus became so unfore- [
seeably impaired, that the banks, in all ,
confidence, in all good faith, in all !
humanly reasonable care and good i
judgment had entrusted the billions of j
dollars of deposits which their cus
tomers had entrusted to them. I
Those loans and investments were, J
under all normal conditions, as good as •
gold itself. Indeed, if the banks in- 1
stead had filled their vaults with gold
bars, and then some unknown cosmic
ray had transmuted them into lead, the
results would have been scarcely more
startling than the depreciation that
was caused in the assets of the banks
by the unforeseeable economic forces
which permeated and debased them.
The inevitable result was that, when {
the banks urgently needed the money t
they had entrusted to those assets, so
that they could meet the unreasoning
demands of their depositors, they could 1
not get it back.
It was not that our banking system i
and methods were of themselves weak ;
or reprehensible, apart from the rest I
of the life yt the nation, as has so much J
been made to appear. :
It was not that our banks were per- ,
meated with incompetency or dis- j
honesty or with lower standards of |
business ethics than were the other i
forms of human activity with which j
their own fate and activities were in
extricably interwoven, as, it almost
seemed at times, there, was a concerted
national conspiracy to lead our people
to believe.
The great fact of American banking
is that it shared fully in the plans and
hopes and hazards of the American peo
ple,—and when those plans went
wrong, the banks carried their chare
of the burden and suffered tin Ir share
of the misfortune.
Legionnaires To Meet
In Wilmington
“On to Wilmington!” That is now
the slogan of the Legionaires of
North Carolina. From Manteo to
Murphy and from the mountains to
the sea, the Legionaires of North
Carolina are making their plans to
attend what promises to undoubtedly
be the largest, best and most impor
tant State Convention in the whole
history of the American Legion in
North Carolina. We refer, of course,
to the Fifteenth Annual Department
Convention of the American Legion
to be held in Wilmington, August 18,
19, and 20, 1933. The Legionaires of
Wilmington and the entire citizen
ship of that city and district have
been planning for months to provide
the most elaborate and enjoyable
entertainment program ever for this
Convention. Their plans have been
perfected and have been carried
through.
All previous convention attendance
records are expected to be smashed
at this Legion State Convention in
Wilmington, August 18-20. John S.
Divine, Chairman of the Housing
Committee, has advised that the ne
cessary plans have been made by
that committee to secure definite
rates from all the hotels and cottages
in Wilmington, Wrightsville and at
the other beaches near Wilmington.
Such definite rates have been secured
and such information regarding hotel
rates, etc., have been sent to the Le
gion Post Commanders of the various
posts in North Carolina. The Legion
naires of N. C. may rest assured that
adequate housing facilities will be
available for this convention, even
though the attendance is expected to
be more than 3,000 and possibly 5,
000. J. M. CALDWELL.
Church Notice
METHODIST CHURCH
C. VV. Russell, Pastor
Rev. W. L. Sherrill, Secretary of
Westrn North Carolina Confernce,
will preach at Sparta Methodist
church Sunday at 11:00 A. M. We
hope to have a filled house as Rev.
Sherrill will bring a splendd message, i
I will preach at Walnut Branch
Sunday afternoon at 2:30 P. M.
The revival will begin at Shiloh
next Friday night at 8:00 P. M.
Elder F. E. Thompson will preach
at Cranberry church on Sunday, Sept.
3rd.
All people interested in the ceme
tery at Cranberry are requested to
meet there on Friday, Sept. 1 for the
purpose of cleaning off and decorat
ing the graves.
CORRECTION
In Smithey’s advertisement last
week The Times made an error. LL
Sheeting was listed at 4c. yard. This
should have read: LL Sheeting, 7M>c.
yard, and sheeting, 4c. yard. •
Belk’s Dept. Store
GaJaA, Virginia
WE DO OUR PART
H'”'...................„..„„„.[TJ
3Big$Da
ays
HUNDREDS OF
BARGAINS FOR
-EVERYONE
IN THE FAMILY
COME AND SAVE!
EVERYBODY WELCOME!
CIRCULARS ARE
BEING MAILED OUT
TO-DAY
CHECK THE ITEMS—
AND BRING THE LIST
WITH YOU!
NOW IS THE TIME TO BUY YOUR
FALI & WINTER MERCHANDISE
BEFORE PRICES GO UP
NO SALES TAX IN VIRGINIA
Ashe County Sunday School
Convention at Bethany
Indications point to a splendid at
tendance at the Annual Ashe County
Sunday School Convention which will
convene in the Bethany Church on
Sunday, August 20. There will be
three sessions; morning, afternoon
and night, with a fellowship dinner
served at the church at the noon
hour. It is expected that many of the
Sunday Schools of all denominations
of the County will send large delega
tions to the meeting.
The morning and afternoon ses
sions will deal with various phases
of the Sunday School work and it is
requested that the workers come pre
pared to participate in the open for
um on “New Things Being Done in
The Sunday School,”- “Problems To
Be Met,” “The Growth of the School”
or any other phase of the Sunday
School work that may wish to dis
cuss.
The principal speaker will be Rev.
Shuford Peeler, the General Secre
tary of the North Carolina Sunday
School Association. Other religious
leaders will also have prominent parts
on the program.
A pennant will be presented to the
school having the largest attendance
based on miles traveled. The contest
is open to all the Sunday Schools of
the County except the one with which
the convention will be held and others
within a mile of this one.
MAJORITY OF ELKIN STORES
MEMBER OF N. R. A.
The first week’s operation under
the National Recovery Act has
brought few complaints from local
merchants, a general checkup has
reported, although in a few cases
kicks have been heard that the
earlier closing hours hav hurt busi
ness to a certan extent.
However, once the new hours are
firmly impressed upon the buying
public’s mind, this difficulty is ex
pected to be eliminated.
One slight adjustment of hours
concerning department stores, and
furniture stores have been made
since the last edition of The Tri
bune, the stores in question to open
at 8:30 a. m. instead of at 8:00. They,
will close at 5:00 p. m. each week day
with the exception of Saturday, upon
which day closing hours are 7:00
p. m.
With few exceptions, the majority
of the stores are displaying the blue
eagle and before the campaign to
get every business under the code
ends, it is expected that Elkin will
have signed up 100 per cent.
It has been noticed that several
stores which presumably are coop
ating in observing the general open
ing and closing hours have not as
yet displayed the blue eagle. This
fact, it is said, will likely work to
their disadvantage inasmuch as a
drive is to be made to get the con
sumer to trade only with those stores
who are doing their part in making
the NRA drive a success.— Elkin
Tribune.
BUY AT HOME!
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THE SPARTA GARAGE
GENERAL REPAIR WORK EFFICIENT MECHANICS
REASONABLE PRICES!
SPARTA,
—GILLETTE TIRES AND TUBES—
DOUGLAS AND EXIDE BATTERIES
F. M. JOINES, Manager.
NORTH CAROLINA
Kodak Finishing
48 hour service
at
B. & T. Drug Store
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I Will have a Supply of
High School and Elementary
Books
BEFORE THE OPENING OF THE
COUNTY SCHOOLS.
SEE ME FOR ALL SCHOOL
SUPPLIES.
JAY HARDIN
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A New Economy for Ford Owners
YOU CAN HAVE YOUR MOTOR EXCHANGED FOR FACTORY
REBUILT NEW CAR MOTOR, GUARANTEED,
FOR $37.50 COMPLETE.
ALLEGHANY MOTOR SALES,
SPARTA, : : : : : : NORTH CAROLINA
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I NEVER
GET TIRED
OF CAMELS
THEY DON'T
GET ON THE
NERVES EITHER
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